It seems to me there is a huge potential in the financial services industry for conflict-of-interest issues, when advisors are allowed to charge clients based on assets under management (AUM). Why is this the case? Because those advisors are then motivated to keep the client’s assets under their control (because that’s what they are paid from) rather than doing what’s truly in the interest of the client. This episode I explain what I’ve decided to do about that potential downside and tell a story or two of how I got to that point.
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